The majority of listed firms are reporting good results for Q2,but consumers remain cautious,holding back the final demand which ultimately creates jobs.As the inventory trade and government stimulus wind down,it will be harder to post such results in the second half,which doesn't bode well for the market,in the view of many.Gross Domestic Product rose a faint 2.4% for Q2,way down from Q1's revised 3.7%.
The market closed flat on the week,but rose around 7% for July-the best monthly gain in a year.Volume remained light,however,and the 10 year bond's yield was less than 3%,indicating an uncertainty underlying the good cheer on the surface.
There was little good cheer to greet new acquisition pitcher Roy Oswalt at Nationals Park as Washington creamed Philadelphia 8-1,ending the Phillies' eight-game winning streak.At the Greenbrier Classic PGA Tour event a few hours away in West Virginia,Jeff Overton topped the leaderboard,shooting a second round 62 for a -14.Boo Weekley was second at -10,while last week's Canadian Open champion Carl Petterson of Sweden was still in contention,having scored a second round 64 for a -5.
Stock futures looked optimistically to next week,with the S&P up 1.30,the Dow gaining 8.0,and the NASDAQ booking a 5.0 gain.Bond futures declined.
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